key changes notified in the Income Tax Returns (ITR) for the FY 2019-2020 (AY 2020-21) :
1. House ownership:
Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
3. Cash deposit:
For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account if such amount exceeds Rs 1 crore during the FY.
4. Foreign travel:
If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
5. Electricity consumption:
If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
6. Investment details:
Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.